Hyperliquid的PURR在利润方面独占鳌头,而DAT同行则陷入亏损

PURR-2.81%
BTC1.55%

经营收入,而非被动代币储备,为PURR在DAT同行面临巨大未实现亏损时提供了结构性优势。

数字资产金库产品面临日益增长的压力,因为加密货币价格仍低于之前的成本基础。因此,大多数与被动持有相关的金库工具现在都承受着沉重的未实现亏损。Artemis数据显示,只有一个例外。Hyperliquid Strategies的PURR仍然盈利,而同行则难以恢复。

Hyperliquid的PURR以3.56亿美元未实现利润逆势而行

根据Artemis,PURR大约持有3.56亿美元的未实现收益。相比之下,其他所有追踪的数字资产金库产品都处于亏损状态。其中,Bitmine的亏损最为严重,超过75亿美元。同时,Strategy和一些资产重仓的金库报告了数十亿美元的市值调整亏损。

Hyperliquid Strategies($PURR)是唯一盈利的DAT,拥有3.56亿美元未实现收益,而其他都处于亏损状态。pic.twitter.com/6NycrekHp3

— Artemis (@artemis) 2026年2月27日

在大多数情况下,DAT产品持有大量比特币和其他加密货币。因此,资产负债表几乎完全随现货价格变动。近期的波动直接转化为广泛的未实现亏损。

PURR不依赖被动代币储备,而是与Hyperliquid协议的经济学挂钩。当前协议数据显示,总锁仓价值约42亿美元。同时,年化手续费接近9.84亿美元,年化收益接近7.64亿美元。

经营收入在金库亏损中赋予PURR结构性优势

在过去30天内,Hyperliquid的永续合约交易量超过2370亿美元。未平仓合约规模超过53亿美元。因此,该平台作为一个高利润的衍生品交易场所,持续产生手续费。

_图片来源:_DeFiLlama

不同于依赖价格回升的比特币重仓金库,Hyperliquid即使在市场波动剧烈时也能产生经营收入。此外,其收益相对于约65亿美元的市值,意味着估值倍数比许多加密增长股更为紧凑。

在当前环境下,这一对比尤为明显。被动金库面临市值调整压力和长时间的盈亏平衡水平。因此,许多仍远高于现货价格。除非加密市场重新夺回关键成本区,否则资本损失可能持续存在。

PURR的盈利能力反映了经营敞口,而非纯粪β。实际上,现金流提供了被动结构所缺乏的缓冲。如果价格动能持续不均,性能差距可能会持续。

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